USD 0.910921841 billion
Report ID: SQMIG40G2005 | Region: Global | Published Date: March, 2023 | Pages: 157 | Tables: 65 | Figures: 75
Angle Sensor Market size was valued at USD 0.910921841 billion in 2021 and is poised to grow from USD 1.1 billion in 2022 to USD 2.2 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
The increase in demand for dual angle sensors, affordable angle sensors, and programming kits & boards in research & testing applications, as well as the demand for automotive and consumer applications, are both contributing factors to the growth of the angle sensors market.
In addition, the automation and robotics industries have been expanding rapidly in recent years. The market is driven by stakeholders' preferences for sustainable and energy-efficient measures, including end users. For instance, Good Fellow expanded its Green Production project in February 2021, which encourages the adoption of ecologically safe products and procedures that conserve energy and natural resources.
US Angle Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 0.910921841 billion
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Global angle sensor market is segmented on the basis of type, application, end user, technology, and region. By type, the market is segmented into economic angle sensors, dual angle sensor, programmer kits & boards. By application, the Angle Sensor Market is segmented into automotive, machinery, vehicle testing, liftsystems. The global market can be segmented based on the type of technology used, such as magnetic, optical, capacitive, and others. The global market can be segmented based on the end-user industry, such as automotive, aerospace, healthcare, consumer electronics, industrial, and others. By region, the Angle Sensor Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Angle Sensor Market Analysis by Application
The automotive segment dominated the global angle sensor and is anticipated to maintain its dominance throughout the forecast period. This growth is attributable owing to the rising demand for high-tech vehicles from a variety of end-use industries, including the aerospace and defense sectors. They serve a number of purposes in automobiles, including brake control, gearbox control, and suspension control. Also, as angle sensors are employed in the medical industry to identify the location of the human body, demand for them is rising.
Automotive angle sensors are specifically employed in steering angle sensing (SAS) to commutate motors, measure rotor and pedal position, and operate rotary switches and incremental or absolute magnetic encoders. For instance, the angular position sensors manufactured by Infineon XENSIVTM are designed for high-speed systems operating in harsh environments, delivering the highest levels of functional safety and dependability in a variety of automotive applications. As a result owing to rising adoption of angle sensors in consumer and industrial applications the demand for the product is anticipated to propel over the forecast period.
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Asia Pacific region dominated the global market in 2022 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of expanding industrialization and rising spending in R&D projects for the creation of novel products. Also boosting the regional market will be rising vehicle manufacturing in nations like China, Japan, India, and South Korea. It is projected that these regulatory standards will compel firms to use industrial equipment, such as lifts and elevators, machinery, trucks, etc.
Manufacturers of angle sensors are moving their production facilities from one country to another. This change is a result of rising manufacture costs of angle sensor used in automotive application. Producing in a low-cost nation lowers component costs and expands the market. Offshoring also benefits from the expanding market expansion in that particular area. For instance, the Japanese automaker Denso Corporation has started its manufacturing operations in India.
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Angle Sensor Market Drivers
Rising demand from robotics and automotive industry to drive market growth
Angle Sensor Market Restraints
High cost of operation may hinder market growth
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Almost 50% of the market share is held by the top 6 competitors. To acquire a competitive edge in the industry, these market players are engaging in partnerships, mergers and acquisitions, and expansions. For instance, Allegro MicroSystems introduced ATS17051 in November 2019. It is a gear tooth sensor ICs that is intended to provide incremental position for traction motors in electric vehicles that run at up to 30 000 RPM. Some of the prominent players in the angle sensor market includes:
Angle Sensor Market Top Player’s Company Profiles
Angle Sensor Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global angle sensor market analysis, the need for high-speed precision machine control and measurement in manufacturing operations is anticipated to open up new growth opportunities. It is predicted that the development of enhanced driver assistance systems will boost market growth through the expansion of active vehicle safety.
|Market size value in 2021||USD 0.910921841 billion|
|Market size value in 2030||USD 1.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Angle Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Angle Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Angle Sensor Market:
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Product ID: SQMIG40G2005